A Closer Look At The Securities And Exchange Commission's (SEC) Accelerated Regulatory Incubation Program Structure

Introduction

The Securities and Exchange Commission (SEC) announced the Accelerated Regulatory Incubation Programme (ARIP) Framework on June 21, 2024, aiming to improve compliance with regulations and expedite the onboarding process for Virtual Assets Service Providers (VASPs) and Digital Investments Service Providers. The framework requires completion by 30 days.

Applicability and Eligibility

The ARIP Framework applies to Digital Investment Services Providers (DISPs) and Virtual Asset Service Providers (VASPs) offering digital asset services in Nigeria. Eligibility criteria include

• Incorporated and has an office in Nigeria, and its Chief Executive Officer/Managing Director or someone functioning in a similar capacity is resident in Nigeria